Inseego (NASDAQ:INSG) Cut to Sell at BidaskClub

BidaskClub cut shares of Inseego (NASDAQ:INSG) from a hold rating to a sell rating in a research report released on Wednesday morning, BidAskClub reports.

Several other research analysts have also weighed in on the stock. Zacks Investment Research raised shares of Inseego from a strong sell rating to a hold rating in a research note on Wednesday, October 9th. National Securities reissued a buy rating and set a $5.50 price objective on shares of Inseego in a research note on Wednesday, August 7th. ValuEngine raised shares of Inseego from a hold rating to a buy rating in a research note on Friday, November 1st. Northland Securities reissued a buy rating and set a $6.00 price objective on shares of Inseego in a research note on Thursday, November 7th. Finally, Canaccord Genuity lifted their price objective on shares of Inseego from $7.00 to $8.50 and gave the stock a buy rating in a research note on Monday, October 28th. Two analysts have rated the stock with a sell rating and six have issued a buy rating to the stock. Inseego presently has an average rating of Buy and an average price target of $6.50.

Inseego stock traded up $0.16 during trading hours on Wednesday, hitting $4.73. 1,311,800 shares of the stock were exchanged, compared to its average volume of 1,418,626. The business’s 50-day moving average is $5.07 and its two-hundred day moving average is $4.78. Inseego has a 12 month low of $3.48 and a 12 month high of $6.00. The stock has a market capitalization of $365.74 million, a P/E ratio of -39.42 and a beta of 0.74.

Inseego (NASDAQ:INSG) last released its quarterly earnings data on Wednesday, November 6th. The technology company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.08. The firm had revenue of $62.72 million for the quarter, compared to the consensus estimate of $59.77 million. During the same period in the previous year, the business earned ($0.10) EPS. The firm’s revenue was up 23.9% compared to the same quarter last year. As a group, sell-side analysts expect that Inseego will post -0.48 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in INSG. BlackRock Inc. lifted its stake in Inseego by 229.2% in the second quarter. BlackRock Inc. now owns 2,918,234 shares of the technology company’s stock valued at $13,977,000 after buying an additional 2,031,809 shares in the last quarter. Vanguard Group Inc. lifted its stake in Inseego by 31.5% in the second quarter. Vanguard Group Inc. now owns 2,235,809 shares of the technology company’s stock valued at $10,709,000 after buying an additional 535,156 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Inseego by 323.7% in the second quarter. Bank of New York Mellon Corp now owns 155,048 shares of the technology company’s stock valued at $742,000 after buying an additional 118,450 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Inseego by 666.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 106,603 shares of the technology company’s stock valued at $511,000 after buying an additional 92,703 shares in the last quarter. Finally, Family Management Corp lifted its stake in Inseego by 42.1% in the second quarter. Family Management Corp now owns 299,527 shares of the technology company’s stock valued at $1,435,000 after buying an additional 88,802 shares in the last quarter. 48.13% of the stock is currently owned by hedge funds and other institutional investors.

About Inseego

Inseego Corp. engages in the design and development of mobile, Internet of Things (IoT), and cloud solutions for large enterprise verticals, service providers, and small and medium-sized businesses worldwide. The company provides wireless 3G, 4G, and 5G hardware products that address various markets, including fleet and commercial telematics, aftermarket telematics, smart city infrastructure management, remote monitoring and control, wireless surveillance systems, security and connected home and fixed wireless access, and mobile broadband devices.

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Analyst Recommendations for Inseego (NASDAQ:INSG)

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